Ms LAWRIE - 2012-12-04
The Chamber of Commerce and many other key bodies have spoken out against your price hikes saying they will hurt the economy now and into the future. What economic modelling did you do to undertake an assessment of the economic impact of job cuts and price hikes? How much do you think GSP will shrink by? We see in Queensland, for example, GDP has shrunk by 2%. You say this is all for the betterment of the economy, ignoring the fact the Territory has the fastest growing economy in the nation today. What economic modelling have you done on the domestic contraction to the economy as a result of the job cuts, both public and private sector, through the capital programs being slashed, and the impact on the retail and hospitality sectors, for example?
ANSWER
Madam Speaker, I do not think that is a good question, but thank you, Opposition Leader. What modelling, what analysis has been conducted? It is fairly basic; if you have a debt that is growing and you have no means of getting it under control, no intent - we have revealed your plan which was to just hope and expect the GST pool would increase. That was your strategy for dealing with the debt.
That is what you said in parliament last week. That was your grand plan: just hope someone would bail you out. It is like someone who has taken responsibility for managing your own affairs and just hoping, for goodness sake, that someone please will help us. That is the sort of modelling that was conducted by a very poor Treasurer who has left us in a very serious position.
A fairly straightforward analysis would be to consider that if we are able to reduce the growth of debt in the Northern Territory - just like in a household budget, rather than having to divert increasing portions of your income to deal with the interest payments and know you are not dealing with debt growth, you have a serious problem.
Let us consider this: you have $750 000 you could use every day. How could you use $750 000 every day to benefit the Northern Territory? What could you do with that? What difference would that make to the Northern Territory ...
Ms LAWRIE: A point of order, Madam Speaker! The question was what economic modelling have you done to assess the impact of the job cuts and the capital slash on the Territory’s domestic economy - what contraction, what economic modelling? What contraction will there be? You have not answered the question at all.
Mr MILLS: I am giving you a very clear idea of the modelling and thinking, which is fairly straightforward.
If you have the debt that then begins to compound and grow, and you have no intention to reform your thinking or exercise any discipline, then you have to consider that you have $1m you have to find every day to spend on servicing the basic interest repayments.
The modelling is: let us show some kind of change; let us adjust our response to changing circumstances rather than looking for an excuse. The GST and the global financial crisis were the excuses you hid behind. The banks was another excuse.
We have a very real problem that requires a simple approach; that is, to be strong and clear and make hard decisions in the long-term interests of the Northern Territory. Just imagine if that debt was under control, the amount of money which could then flow to the Northern Territory. Our aim and our intent is to strengthen and broaden the Territory’s economy.
ANSWER
Madam Speaker, I do not think that is a good question, but thank you, Opposition Leader. What modelling, what analysis has been conducted? It is fairly basic; if you have a debt that is growing and you have no means of getting it under control, no intent - we have revealed your plan which was to just hope and expect the GST pool would increase. That was your strategy for dealing with the debt.
That is what you said in parliament last week. That was your grand plan: just hope someone would bail you out. It is like someone who has taken responsibility for managing your own affairs and just hoping, for goodness sake, that someone please will help us. That is the sort of modelling that was conducted by a very poor Treasurer who has left us in a very serious position.
A fairly straightforward analysis would be to consider that if we are able to reduce the growth of debt in the Northern Territory - just like in a household budget, rather than having to divert increasing portions of your income to deal with the interest payments and know you are not dealing with debt growth, you have a serious problem.
Let us consider this: you have $750 000 you could use every day. How could you use $750 000 every day to benefit the Northern Territory? What could you do with that? What difference would that make to the Northern Territory ...
Ms LAWRIE: A point of order, Madam Speaker! The question was what economic modelling have you done to assess the impact of the job cuts and the capital slash on the Territory’s domestic economy - what contraction, what economic modelling? What contraction will there be? You have not answered the question at all.
Mr MILLS: I am giving you a very clear idea of the modelling and thinking, which is fairly straightforward.
If you have the debt that then begins to compound and grow, and you have no intention to reform your thinking or exercise any discipline, then you have to consider that you have $1m you have to find every day to spend on servicing the basic interest repayments.
The modelling is: let us show some kind of change; let us adjust our response to changing circumstances rather than looking for an excuse. The GST and the global financial crisis were the excuses you hid behind. The banks was another excuse.
We have a very real problem that requires a simple approach; that is, to be strong and clear and make hard decisions in the long-term interests of the Northern Territory. Just imagine if that debt was under control, the amount of money which could then flow to the Northern Territory. Our aim and our intent is to strengthen and broaden the Territory’s economy.
Last updated: 09 Aug 2016